M&A Animal Spirits Are Back as Market Heats Up, JPMorgan Says

Animal spirits have returned in the M&A market, and deal activity is increasing on the back of an improved economic outlook, according to a top JPMorgan Chase & Co. banker who helped orchestrate the record financing for the $55 billion take-private of Electronic Arts Inc.

There’s a lot of demand for acquisition financing based on the amount of inbound requests JPMorgan is getting, Kevin Foley, the lender’s global head of capital markets, said in an interview this week.

“Overall, M&A activity has been showing signs of an upward trajectory,” Foley said. “Animal spirits in the market have been ...